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Due to the increasing devastation of Second Covid, The deadline for various tax compliances has been extended. “The last date for issuing Form 16 has been stretched to July 15, 2021.” While there are so many due dates in general, let us check out all: And the last date of filing income tax returns Get […]
The latest e-filing web portal was successfully launched on 7, June 2021 by the income tax department on the website www.incometax.gov.in. the motive to launch the new e-filing portal is aimed at giving the assessee convenience and a modern, seamless experience to the assessee. FM Instructs Infosys to Develop Taxpayer Friendly New E-portal On Tuesday […]
The due date for filing Income Tax Return (ITR) changes based on the category of taxpayer i.e. whether a taxpayer is an Individual or HUF or Firm or other entity. Although the last due date for filing the Income Tax Return Get all due dates of income tax return and payment of advance taxes for […]
To counter the recession which Indian Company is going to face, Government has opted for an alternative path of kickstarting the economy by relaxing tax measures on companies that are bringing huge Foreign Direct Investment in the Infrastructure of the Indian Economy. One such decision has been taken by the government by providing tax exemption […]
Here in this case the Assessee, Texas Instruments India, had acquired on “lease financing” a couple of motor vehicles from the financial leasing company. These vehicles had to be allocated to the employees of the Assessee for the purpose of office use. Moreover, the lessee applied for the tax deduction for the sum paid to […]
You cannot complain to the Income Tax Department every time if you have not received interest on refund. There are certain facts and circumstances wherein you cannot claim interest on a refund of Income Tax. Meanwhile, it is important to start from scratch and understand the entire mechanism. Whenever liability of tax of an assessee […]
In the wake of the second wave of Covid-19 pandemic that has critically hit the economy (by dampening production along with demand)in addition to disturbing day to day life and consequently created emergency situation, the entire mechanism of tax filing and payment has been shaken by low production, low sale, and procrastination of nearly all […]
The Karnataka Authority of Advance Ruling passed an order that no GST shall be levied on the rent received from the ‘Backward Classes Welfare Department, Government of Karnataka’. The reason attributed for the aforesaid precedent is that the hostel (rented to the ‘Backward Classes Welfare Department, Government of Karnataka’) is working for the welfare of […]
Here is an interesting fact – Residential Status and not citizenship is the sole determining factor for imposing the tax. In other words, foreign citizens who have earned income in India are also subject to tax. However, the domain or criteria of residential status of India keeps on changing from Budget to Budget usually. As […]
